Assignment # 3

Entrepreneurship

Prepared by: Ali Baig

Sap id: 70070409

Section: BSCS-4C

Submitted to: Sir Khawaja

Dated: 21 December, 2020

Q2. Use materials included in Chapter 1 to identify the characteristics of
successful entrepreneurs you see in Katie Rodan and Kathy Fields. To
what extent do you believe these characteristics have contributed to
Proactiv’s success?

Ans. Passion for the Business

The number one characteristic shared by successful entrepreneurs is a
passion for their business, whether it is in the context of a new firm or an
existing business. This passion typically stems from the entrepreneur’s belief
that the business will positively influence people’s lives.

Product/Customer Focus
A second defining characteristic of successful entrepreneurs is a
product/customer focus. This quality is exemplified by Proactiv as they were
more focused on removing acne in first place. This sentiment underscores an
understanding of the two most important elements in any business—products
and customers.

Tenacity Despite Failure

Because entrepreneurs are typically trying something new, the failure rate
associated with their efforts is naturally high. In Proctiv’s case after being
unable to get enough funds or a license thy still worked on to introduced their
product in the market and ultimately succeeded by using infomercials.

Execution Intelligence
The ability to fashion a solid idea into a viable business is a key characteristic
of successful entrepreneurs. In many cases, execution intelligence is the
factor that determines whether a start-up is successful or fails. An ancient
Chinese saying warns, “To open a business is very easy; to keep it open is
very difficult.” Proactiv effectively executed the idea of creating a skin product
that prevents acne from happening and identified a unique market gap to
target the customers suffering from this disease.